If they don’t care about the death benefit that much, sell the living benefits. Use a whole life policy as an asset class. Non correlated to the market, guarantees, tax free access to cash value, bond proxy for their portfolio

If they have say an overall 60/40 allocation take the 40% investment dollars for fixed and apply that to premium in a whole life contract. Comparable returns plus tax free access to cash value and death benefit. Continue to invest the 60% in equities in brokerage or advisory account